Worldwide Probe into suspected rigging of Foreign Exchange deals…

*Regulators around the world are investigating whether more than a dozen firms, including Deutsche Bank, colluded to rig various benchmark interest rates to mask their true cost of borrowing. – Bloomberg.com

[Barclays] still reeling from a £290million fine for its part in the Libor rigging controversy, is understood to have taken action against the wheeler dealers after being contacted by regulators. –mirror.co.uk

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4 comments on “$5 Trillion A Day FOREX Currency Trading Still Under Investigation”

GOLDMAN SACHS

Goldman disclosed in a filing today [Nov 7, 2013] that its currency and commodity trading practices are under investigation. Regulators will examine Goldman’s “trading activities and communications in connection with the establishment of benchmark rates,” Bloomberg’s Gavin Finch and Michael J. Moore report.

Check out our explainer of how traders have been allegedly rigging the $5.3 trillion-a-day forex market.

Brent crude next in the crosshairs for price rigging claims

November 7th, 2013
Four traders have issued a lawsuit claiming that Brent crude prices are fixed.

They claim they have proof that some of the biggest oil companies, including BP, Shell and Statoil colluded with Morgan Stanley and other traders to manipulate prices for over 10 years.

There have been 6 other lawsuits issued on price rigging claims but this one is said to be the most detailed in its allegations. The lawsuit details artificial and anticompetitive prices as well as attempts to manipulate Russian Urals crude prices and rigging in spreads between Brent and Dubai crude grades.

For at least 5 months now this investigation has dragged on when we know that at least some traders have admitted to witnessing currency manipulation, and now the number of banks have increased from Barclays to the other Too Bigs…
The only bright side I am acknowledging is the public awareness is increasing as we discuss these activities and talk among ourselves about alternatives:
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